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Carputty the 2023 Auto loan review Published 2023-01-26 15:27:17
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely taking out loans to purchase a car.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He values clear reporting that helps readers easily land deals and make the most informed decisions regarding their finances. He is a specialist in small and auto loans.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct your own research and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website come from companies who pay us. This compensation can affect the way and where products are displayed on the site, such as such things as the order in which they may be displayed within the listing categories in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other home loan products. But this compensation does not influence the content we publish or the reviews you read on this site. We do not include the universe of companies or financial deals that could be open to you.
Reviewer’s disclosures: All reviews are prepared by staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed nor approved by any advertiser. The information, including rates and fees, presented in the review is accurate at the time when the review first appeared. Look over the information in the upper right hand corner of the page and the lender’s site for the most recent details.
A glance 4.0 Rating 4 stars out of 5
Score of the Bankrate
Availability Rating: 4.3 stars out of 5
The Affordability Score: 2.8 stars out of 5
The Customer Service Rating is 3.8 five stars of five
Transparency Rating Five stars from five.
Find out about auto loan rates
About Carputty Loan amounts From $25,000 to $250,000.
Min. credit score Not specified
APR ranges from 7.14%-9.64 percent
Funds available in As soon as the next day.
Pros and Cons of Carputty Borrowers may borrow for greater than typical amounts and enjoy fast cash-outs. Still, the product isn’t available in all states.
PROS Car purchasing support
Maximum amount of loan loan amount
Preapproval
ConS APR High Minimum
Confusion about repayment terms
Carputty is an online direct lender that offering unique line of credit financing procedure known as Flexline. With just one application, drivers can manage all of their vehicles over the whole life of ownership through the line of credit. Carputty encourages its borrowers to manage their vehicle loans like they would any other asset in the financial market, allowing for flexibility in when to purchase or sell.
Do you qualify? Carputty doesn’t provide specific criteria regarding income or credit score, but to apply, borrowers must be 18 years of age employed and a resident of the United States. Residency. You must be a resident of the following states: AK, AR, AZ, CO, CT, DC, FL, GA, IA, IL, KY, MA, ME, MI, MN, MO, NC, NE, NH, NJ, NM, NY, OH, OK, OR, PA, SC, TN, TX, UT, VA or WI. Vehicle. The financed vehicle must have a model less than 8 years prior to the date of application and have fewer than 85,000 miles. Loan-to-value. When purchasing used vehicles, the LTV should not exceed 110 percent (for current-year used vehicles, the value is defined by 90 per cent of the MSRP). For new vehicles it is required that the LTV should not surpass 100 percent MSRP. We like it and what we dislike While the Flexline program allows for vehicle financing to be an easy process, Carputty might not be the ideal lender for all drivers. What we like Car buying assistance. Carputty gives borrowers support in the car-buying process through the V3 tool which helps buyers decide when is the most suitable time to purchase. Maximum loan amount. Borrowers can finance for up to $150,000 per car and $250,000 in total- on the higher end compared to traditional competitors. Preapproval. With the option to apply for , you will get an idea of your monthly payments prior to signing on your loan. We don’t like high minimum APR. A start-up APR of 7.14 percent is a bit high. For those with great credit, they may find lower rates elsewhere. Uncertain terms for repayment. Your balance is subject to 36-month repayment terms, but you can extend it by a specific amount or pay it off early — none of which are explained on the Carputty website. How can you contact Carputty Carputty provides customer support Monday through Friday via its chat function from 8 a.m. to 6 p.m. ET or by email via email at help@carputty.com. Apart from the chat function, Carputty has a fairly in-depth FAQ section that outlines the process for applying and financing. Auto loan types are available. Carputty offers auto loans for drivers looking to finance a brand new or used vehicle, to refinance an old loan or even a lease buyout. The credit lines are available from $25,000 up to $250,000. Individual advances can be as low as $10,000 and 150,000 (provided you have the credit available to you). The terms for repayment are complicated. If you’re approved to use an LOC that you can use for 24 months, you’ll have to start using it or it will close -and it’s active indefinitely if in use. In the event that you have a balance due on the LOC by financing a vehicle begins a 36-month period. At month 20 you will have the option to continue your current repayment program or refinance it for another 24-month period (extending the term of your repayment) or repay the loan early. The V3 valuation tool pioneered by Carputty can help you determine when the time to sell your vehicle is, based on market data. The valuation can be performed before loan application on the Carputty site. It tracks and monitors the vehicle’s value so that anytime during ownership you can decide to sell your vehicle based on the market’s trends. New and used auto loans
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
The maximal loan value of $250,000 allows Carputty a strong option for people who want to finance an expensive new vehicle or a number of vehicles at once. Refinance
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
Refinancing the current car loan can provide you with a lower monthly payment or better rates. Utilize a refinancing program check to see if refinancing a loan could truly save you money. Lease buyout
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
If you’re considering purchasing your lease-owned vehicle, Carputty offers assistance and support throughout the entire process. A lease buyout could help you avoid expensive wear and tear fees and permit you to retain your current vehicle. How to apply for a loan with Carputty You can apply for an auto loan directly through the Carputty site and get approval in a matter of minutes. Through only one application you will be provided access to a line of credit that can be used at any point. In the initial application you’ll be subject to a soft credit check followed by a hard credit pull once the credit line is finalized. The Atlanta-based lender will also conduct a soft credit pull every 45 days to monitor your credit. According to the site the rates you are offered will be determined by the credit score of yours, and not vehicle information like the year, model or year of manufacture, which is a stand-out characteristic when compared with traditional lenders. But if you have poor credit, it is advised to apply other underwriting guidelines, not like Carputty. The funds will be available as soon as the day you submit your application. After approval, you’ll gain access to a secure dashboard on which you will be able to manage your the current loans or even add vehicles.
Information required for application Personal contact information Social Security number. Proof of employment
Unlike many other lenders Carputty doesn’t require any vehicle details until the preapproval procedure has been completed. At that point you’ll need to input the information about your vehicle, such as model, year, make and the license plate number on Carputty’s dashboard. Carputty dashboard.
Carputty FAQs
Are Carputty reliable lender? Sure, Carputty has been certified by Better Business Bureau since early 2022 and aims to expand its coverage across the state.
Can I get an auto loan with Carputty even if I have bad credit? Carputty makes credit score the primary determinant of the risk, so people with low credit aren’t likely to get the best rates. Instead, consider looking at the options available to .
What can I do to repay my car loan by using Carputty? You can make or schedule a payment online by signing into your account and linking to your payment method.
What rates does Bankrate charge Carputty
Overall Score
4.0
Availability
4.3
While the lender boasts an impressive loan amount, it only serves 32 states.
Affordability
2.8
The possibility of fees and high minimum APR diminishes the overall strength of this category.
Customer Experience
3.8
Carputty only offers support from Monday through Friday during a range of hours.
Transparency
5.0
Ability to prequalify , as well as fees and rates disclosure gives Carputty an excellent score.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Acceptance criteria, whether rates and fees are offered and APR range all influence lender scores. These scores are split in four different categories. Availability: Loan amounts, repayment options, dealership requirements and availability to state are a part of this section. Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you have to shop for, the customer service hours and whether or not there’s an app and autopay availability are accounted for in this section. Transparency: This section accounts for the availability of rates and fees along with whether or not prequalification is offered.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been reviewed or approved by any advertising company. The information such as rates and charges provided in the review are accurate up to the date of the review. Check the data at the top of this page as well as the lender’s website to find the most up-to-date details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of using loans to buy a car.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He values clear reporting that helps readers easily find deals and make the most appropriate choices regarding their finances. He is a specialist in small business and auto loans.
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